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CSPAN
Jan 10, 2013 7:00pm EST
oversight and many times been very critical of a lot of things he was doing for the treasury department was doing the secretary take was doing. he was my main porthole into treasury. we had a number of conflicts as you can imagine. our jobs are not necessarily going to create a long-lasting friendship. my job was to criticize him and make recommendations where he and the program had gone off the rail, which by 2010 is pretty often. we decided to have a meeting offline to clear the air, have a cup during and defuse what was a building tension between the two of us. our weekly meetings had devolved into shouting matches often. at this meeting, i got a real taste of how washington and what allison told me during this meeting was the sort of petty chitchat will talk about our families. i told him at first i was about to be born. she was about three weeks away at that point. he talked to me about his commute to washington back and forth from connecticut and his grown children and eventually turned the conversation and pointed out that i was down, my job as special inspector general is by its
FOX News
Jan 12, 2013 11:00am PST
. we'll tell you what's on the table. plus, president obama unfettered, what his treasury pick and national security team say about the president's world view and his agenda for the the next four years. welcome to the journal editorial report. i'm paul gigot. that didn't take long, fresh off the biggest tax increase the country has seen the last 20 years. the democrats are planning their next revenue grab. mitch mcconnell declared the tax issue over this week, saying it's now time to focus on washington's spending program. but president obama insists any cut must be be accompanied by more tax revenue. and mouse minority leader nancy pelosi says future tax hikes are not off the table. >> the president had said originally he wanted 1.6 trillion in revenue and he took it down to 1.2 as a compromise and this legislation will get 620 billion dollars, very significant, high end tax, changing the high end tax rate to 39.6%, but that's not enough on the revenue side. >> paul: joining the panel, dan henninger, editorial board member, mary anastasia o'grady and kim strassel. kim, before
CNBC
Jan 10, 2013 1:00pm EST
. ♪ >>> president obama getting ready to name his choice for treasury secretary. we will hit it live in about 15 minutes. and see why some are so concerned about the choice and it has nothing to do with his squigly signature, sue. >> indeed, it does not, ty. it has been a tough day for shareholders right now down at $60.50. after holiday sales came in at the low end of expectations. it was $992 plilon worldwide. u.s. same store sales were the weakest dropping 2% p european sales were flat. asia was a bright spot with comparable sales increasing 7%. tiffany now saying its annual earnings will come in at the low end of its previous guidance and the street is punishing it for that today, ty. >> thank pup teen retailers, reporting holiday sales figures and here is how they are tried trading right now. here is a look . courtney reagan is on the retail beat. court? >> as with teens, the stocks can be a little fickle. three releasing holiday results today. each tell a different story. the teen retailer lowering its quarterly guidance. competitor american eagle reports sales improving by 5%, including o
MSNBC
Jan 10, 2013 1:00pm EST
the markets from foreign capitol and from jack lew as treasury nominee. u.s. economics editor for "the economist," and senior economics reporter steve leaseman. steve, first to you. what are the markets saying? what is jack lew's reputation in wall street and what do you see coming forward with debt negotiations? >> i think this appointment is being taken advisedly in the sense that it's a kind of wait and see. you know, from my perspective, having covered more or less -- more or less degrees, seven of the past treasury secretaries, jack lew does come to the table with a bio that perhaps has less independence in it than any treasury secretary i can remember. robert rubin, hailing from goldman sachs, salary summers was a renowned economist. paul o'neil from alcoa. there's nothing on lew's resume that suggests any measure of independence. markets want a little bit of independence from their treasury secretary. that said, if jack lew's appointment can, in fact, result in some kind of longer term budget deal affixed to entitlements, tax reform, corporate and individual that i think markets
CNN
Jan 13, 2013 12:00pm PST
about serious pocket change. the treasury department said it won't be minting a $1 trillion coin to avert a federal government default. the coin would have been deposited into the federal, but it would never have been in circulation. the federal government has already reached the debt ceiling of nearly $16.4 trillion. >>> and a dangerous find in new york's central park. conservancy workers were cleaning an 18th-century cannon when it was realized it was fully loaded and ready to fire full of gunpower and a cannon ball. a bomb squad was called in to remove the explosives. >>> i'll be back in one hour and i'll show you the apps that can help you track the deadly flu outbreak. where you live. and locate a doctor who can treat you if you get sick. but first, ali velshi explains why we still don't have a budget and how our elected officials have bungled a basic business process that most of us handle with ease, it's a must-see "your money" starts right now. >>> america's road to economic recovery is wide open. it's right there in front of us. if our elected officials don't put some ma
CNN
Jan 12, 2013 10:00am PST
ceiling was officially hit on december 31st, but like last time the u.s. treasury is using extraordinary measures to get through about late february or early march. if congress doesn't act by then, the government risks not being able to pay some of its bills. republicans seem to think the debt ceiling is a useful tool to limit how much the government spends, but that is not what the debt ceiling law is supposed to do. it gives the u.s. treasury the flexibility to borrow money to pay the government's bills without going to congress to get approval every single time. it has nothing to do with spe spending or debt control. you might want it to be about spending control like i'd like to be in "people's" list of 50 most beautiful people. wishful thinking doesn't make it happen. they can use the debt ceiling as a hostage like they attempted to use the fiscal cliff as a hostage, to get something else done, something they haven't been able to use do using the normal democratic process because that process is broken. the fiscal cliff deal puts off dealing with mandatory spending cuts until march
CNN
Jan 10, 2013 12:00pm EST
treasury secretary. big job. he want jack lew to replace timothy geithner. lew has been a budget director for president obama and former president clinton. he also has experience with banks. the former chief operating officer for city groi group. he has a wife and two children. ali, good to see you, my friend. lew is considered a budget whiz as we were discussing yesterday. >> yeah. >> a seclude negotiator if you like. quality that will come in handy when he takes on the negotiations with congress on the debt, reining in spending. tell us what you know about his negotiating style. >> i'll tell you, the one problem is that the white house in general has not been seen as the most successful group of negotiator. being the chief of staff to president obama might be seen as a bit partisan for the job. let me tell you, four years ago, michael, the world was in a financial crisis, it all circulated around banks and credit and central banks. timothy geithner was the guy for the job. head of the federal reserve. he was in the room when they decided to let lehman brothers fail. he knew what was goi
MSNBC
Jan 10, 2013 9:00am EST
daily run-down." >> president obama makes his pick for the top spot at treasury. is jack lew ready for a full-blown fight over the debt ceiling in his first month on the job? pocket change. you heard about this idea. the trillion dollar coin to handle the debt ceiling. well, today we will tell you where it all started and whether or not it is really something president obama might use. they won't rule it out important some reason. and back to the future. the gun debate of 1994 had many lessons for the fight unfolding today. what can president obama learn from president clinton's success? good morning from washington. thursday, january 10, 2013. this is "the daily run-down." i'm chuck todd. let's get to my first read of the morning. this afternoon president obama will formally name his chief of staff, jack lew, to replace treasury secretary tim geithner. a sign the white house expects a big fight over the federal budget lew is the safe pick. he has been confirmed twice by the senate before. just in this administration. if confirmed in time, he can face his first test next month over
PBS
Jan 13, 2013 6:00pm PST
," second term cabinet shuffle. the president tabs chief of staff jack lew for treasury. will this signature be on your money? >> there has got to be common ground. >> there isn't on guns. >> vice-president biden meets with the nra. >> climate change increases our risks of being on monday. >> 2012 is the hottest year on record in history. >> i am not a football coach, but as remarkable player as he is, he was not in a position to continue playing. >> the most debated story in washington this week, rg3 and his wounded knee, and washington's broken hearts. captioned by the national captioning institute --www.ncicap.org-- hello, i'm mark shields, sitting in this week for bordon peterson. president obama did not have to look very far to find his new treasury secretary, jack lew. at the announcement, the president and outgoing treasury secretary timothy geithner. >> our economy is better positioned for tomorrow than most of those other countries hit by the financial crisis. the tough decisions tim made and carried out deserve a lot of credit for that. i understand that tim is ready for a break. o
CSPAN
Jan 11, 2013 6:00am EST
chief of staff jack lew to head the treasury department. he praised outgoing secretary tim geithner. if confirmed, he would take over the treasury department's before the white house and congress debates the debt ceiling. this is 15 minutes. >> ladies and gentlemen, the president of the united states accompanied by some of tim geithner and sap jack lew. >> men, everybody, please have a seat. a little more than four years ago, i stood with mr. tim geithner and denounced him as my first to my cabinet. we were barely two months into the financial crisis, the stock market have quivered, the housing market had cratered as well, a bank after bank was on the verge of collapse, and worst of all, more than 800,000 americans would lose their jobs in just a bad month. and the bottom was not yet in sight. i cannot blame tim when he told me he was not the right guy for the job. [laughter] extensivet tim's experience with economic policy made him qualified and i knew he could hit the ground running. as chairman of the new york federal reserve, he had just spent several sleepless and chaotic weeks
CSPAN
Jan 13, 2013 2:30pm EST
, jack lew, to head up the treasury department. >> ladies and gentlemen, the president of the united states, accompanied by secretary timothy geiger and mr. jacob lew. >> good afternoon, everybody. please have a seat. a little more than four years ago, i stood with mr. tim geithner and denounced him as my first nominee to my cabinet. we were barely two months into the financial crisis. the stock market had greater and the housing market had cratered as well. bank after bank was on the verge of collapse. worst of all, more than 800,000 americans would lose their jobs in just that month. and the bottom was not yet in sight. i could not blamed him when he tried to tell me he was not the right guy for the job. [applause] but i knew that his extensive experience with economic policy made him qualified. i knew he could hit the ground running. he had just spent several sleepless and chaotic weeks emerged in the crisis and had been working closely with his republican predecessor to save the financial sector. then with the wreckage of our economy still smoldering and unstable, i asked him to
FOX Business
Jan 10, 2013 1:00pm EST
am lori rothman. president obama bought t but tos picks for treasury secretary. plus, what the nominations mean for the market. melissa: and good news for the gas market. lori: if you build it, the jobs will come. creating jobs in the small town, we're pleased to have the mayor join us with his story in minutes. melissa: very cool. lori: time for a market check. let's head down to the floor the new york stock exchange, giving back earlier gains. nicole: that is true. we have been pushed around a little bit, even moved into negative territory but the move to the upside and getting some of the moves to the upside with the gains we are seeing, dow jones industrials up 34 points, the bank stocks are looking little better and that is one of the reasons we have had the turnaround. drug stocks doing good. the dollar continues to drop. as the dollar is dropping that gives room for the commodities and equities to move higher. i wanted to take a look at a name that is making news and that is molly corporation. rare earth is something that has the demand they have seen is dwindling pa
FOX Business
Jan 9, 2013 1:00pm EST
a budget every year. lori: speaking of cash, treasury, budget him a new is jack lu? a man who is likely to be dominated the next treasury secretary. melissa: it is no secret that congress -- even the cardassians. lori: cannot wait to hear the results of that. let's check on the market. it has been 15 minutes since we last checked with nicole petallides. nicole: there are nice gains. we have come off of our earlier highs. still, the dow jones industrials up about 55 points here on wall street. the u.s. dollar also with an up arrow. commodities are pulling back. let's take a look at herbalife. a name that has certainly been in the news since the middle of december. we sell the stock shooting up. this is an 8.2% stake. what you see is that pushing the stock to really jumping. we will continue to follow this and all of this comes on the heel of concerns about herbalife. melissa: thank you so much. 1351 days, that is more than three years, just in case you are wondering. the law requires congress to pass a budget every year. should somebody be in jail? >> it is a strongly worded suggestion.
CSPAN
Jan 5, 2013 3:00pm EST
of the historic legislation that congress had passed authorizing treasury to go out and borrow $700 billion to rescue wall street, to bail out the banks and put us on the path supposedly to economic recovery. um, and this piece that i was not aware of was that when they passed this law, congress created this brand new agency. and when mike got off the phone, he explained what this agency was going to do. it was going to have two different functions. one was a mini-fbi for the t.a.r.p. that was going to be guns and badges and special agents executing search warrants, taking criminals out of their homes, putting them in handcuffs and putting them in jail. congress had realized that when pushing out so much money, it was inevitably going to draw criminal fly toss all that -- flies to all that government money. the second part was an oversight function. it was supposed to bring transparency by giving reports to congress and to the american people in what was going on in the bailout and to help guide treasury who was in charge of implementing this program to make sure the policy goals would be i
FOX Business
Jan 25, 2013 4:00pm EST
geithner saying good buy to his job as secretary treasury. jack lew is the nominee, the person that coo be taking over. guess what is a lot, a lot more partisan than tim geithner that worked for both republicans and democrats. steve forbes tells us what that can mean for policy going forward. sandra: howard lutnick, ceo of cantor fitzgerald, shares his investing ideas for 2013. the prime minister of haiti, he talks about the big roll the private sector is playing in the rebuilding of his country and his economy. david: before we get started on this hour, we want to tell you what drove the markets with today's data. a sea of green on wall street with all three major indices ending week higher. dow, s&p and nasdaq posting a fourth straight week of gains the dow is the week's winner, closing up 1.%. all 10 s&p sectors ending the trading day higher led by consumer discretionary and energy. the euro hitting a 11-month high versus the dollar after the ecb said banks will pay back loans faster than expected. euro rising to $1.34 in intraday trading against the greenback. >>> new home sales as
PBS
Jan 9, 2013 4:30pm PST
're learning the president will nominate jacob lew as his next treasury secretary. >> tom: and with its reputation already on the ropes, a.i.g., the big bailed-out insurer, decides against suing uncle sam. >> susie: th and more tonight on "n.b.r."! >> tom: there could soon be a new signature on the dollar bill, jacob "jack" lew is said to be the president's pick to replace treasury secretary timothy geithner. that nomination is expected tomorrow. should he be confirmed by the senate, one of lew's first challenges will be dealing with the rapidly approaching debt ceiling. darren gersh reports. >> reporter: assuming he wins senate confirmation, jacob "jack" lew will take over a treasury that is rapidly running out of cash. the federal government has already hit the debt ceiling. and the only way the government can pay its bills is by using accounting gimmicks to move money around. those tricks will only get the government through mid-february. at that point lew might have to take the unprecedented step of deciding he has the legal authority to pick and choose which bills the feds will pay
CNBC
Jan 10, 2013 4:00am EST
for the al beeran company. the treasury is slashing the debt market up to 5 billion euros since 2013. lloyd's expects a positive results with the first take up. it will be the first issue to feature a collective action clause, designed to make it easier for the government to restructure debt in the case of future crisis. and president obama is expected to make the final touches to his second term economic team today. cnbc's john harwood has more on the changes coming to the u.s. treasury department. >> president obama has already filled out the members of his national security team for the second term. now he's filling out the economic term for a second term including his choice for treasury secretary. later today, we expect the president is going to appoint his current white house chief of staff jack lou as current treasury secretary. jack lew is a veteran of capitol hill and of more than one big major budget negotiations which is exactly what the president is facing right now. he's somebody with a low key demeanor who gets along well with others. his confirmation is expected to be not too
CSPAN
Jan 11, 2013 7:00am EST
secretaries of the treasury. [applause] host: the president of the united states on timothy geithner and talking about his tenure as to -- secretary treasury. "the washington post" writes -- highlighting efforts made by the financial crisis and the housing industry. this comes as jack lew will become the next person to be nominated into that position. we want to talk to you about timothy geithner, his legacy, his time served as the treasury secretary, and your thoughts on what he has done or not done depending on your opinion. here is how you can join us this morning. you can give us a call -- if you want to send us a twet -- @cspanwj facebook.com/cspan this is how "the new york times"highlights some of his accomplishments. it says here -- that is "the new york times." prefers to 45, your thoughts on timothy geithner as the secretary treasury. -- for the first 45 minutes, your thoughts on timothy geithner as secretary treasury. more from "the new york times." they continue to write that housing is another area his leadership has been criticized. one more bit from "the new york times.
KICU
Jan 28, 2013 4:00am PST
-bye geithner, as a new treasury secretary prepares to fill his shoes. economic healing: a look at how far we've come since the financial crisis, and how much further we have to go. and, it's a landlord's market. is it time for renters to buy? plus, why america's love of football could create a new national holiday. and as stocks soar, is it time to sell? first business starts now. you're watching first business: financial news, analysis, and today's investment ideas. good morning. it's monday, january 28th. i'm angela miles. in today's first look: the s&p 500 winning streak. the s&p closed above 1,500 friday. that's the first time since 2007, and it caps off the longest winning streak since 2004. as investors disconnect from apple stock, the tech giant is losing its status as king of the stock market. exxon is back on top with a $417-billion market cap versus apple's $412. apple dropped $76 last week. the federal reserve begins a two-day meeting tomorrow on monetary policy and interest rates. and reports say u.s. air and american airlines may soon have a merger deal ready for takeoff. mark s
PBS
Jan 13, 2013 3:00pm PST
peterson. president obama did not have to look very far to find his new treasury secretary, jack lew. at the announcement, the president and outgoing treasury secretary timothy geithner. >> our economy is better positioned for tomorrow than most of those other countries hit by the financial crisis. the tough decisions tim made and carried out deserve a lot of credit for that. i understand that tim is ready for a break. obviously, we are sad to see him go, but i cannot think of a better person to continue tim 's work at treasury than jack lew. >> unlike most treasury secretaries, jack lew earn his stripes and a washington and not wall street. he worked for tip o'neill in the 1970's and 1980's, and was clinton's: the director in the 1990's. evan, what does this tell us about the physical fights ahead? >> the good news is that he knows washington bit bad news is that he will do exactly what obama tells him, and from all indications, obama will not do much about fiscal restraint. >> nina, your sense of jack lew and what lies ahead? >> i think i agree with evan, but lew really does know t
FOX
Jan 10, 2013 6:00pm EST
jack lou as treasury -- treasury secretary. critics are questioning his credent alls and promising a fight before lou's confirmation. craig bosswell reports from capitol hill. >> reporter: just days after appearing in the east room with a pair of nominees for cabinet post, president obama makes another announcement today, naming jack low as his next treasury secretary. >> i can not think of a better person to continue tim's work as treasury than jack lou. >> reporter: before becoming president obama's current chief of staff, lou is mr. obama's budget director, a job he held in the clinton white house. >> if converged -- confirmed, i look forward to joining the treasury department whose people are legendary for their skill and knowledge. >> reporter: some republicans are skeptical saying lou was less than honest about the president's budget and its affect on the nation's debt. >> he didn't show the kind of independence and credibility we would want in that important cabinet position. >> reporter: announcing low as a replacement for timothy geitner comes a day after hilda solice anno
FOX Business
Jan 28, 2013 4:00pm EST
. that could be a bearish side. david: again 13 is pretty low for it. we talked about treasurys before. look at this. came down significantly. we were talking a 10-year treasury at 2%. at that point you saw that big selloff in bond. then it began to creep back. the bond market began to creep back as rates creep back a little lower. 1.96. it is still high considering where it has been for the past couple months but still ending the day below 2%. cheryl: nat-gas a big mover in the commodities pits, plunging 4 1/2%, plunging to the lowest levels since january 10th. the move coming on higher than normal temps. believe it or not traders are saying we'll be three bucks on gnat gas before you know it. that is interesting, david. david: indeed. we're waiting as we mentioned before for the report from yahoo!. as soon as it comes out we'll bring you the numbers and a full analysis what they mean. here is big news. some big restaurant franchises are actually expanding of here is the bad news they're doing it in much smaller way than they used to because of costs continuing to rise. coming up we have th
FOX News
Jan 10, 2013 2:00am PST
the fox business network. let's talk about zach lew nom nae for treasury secretary. he needs to go back to the second grade to fix his penmanship. he is expected to be nominated as treasury secretary. let's take a look at his signature. 8 loops for each of letters of his name. that would be on dollar bills below the seal of the treasury on the right side. take a look at timothy geithner. he had to do to to print. it went from the first one to the second one. the second one much clearer. we have to see if mr. lew will have to do his as well. >> aig has been in the news a lot this week because of the shareholder lawsuit. >> congratulations aig is not suing not to join a shareholder lawsuit against the government and tax payer. which they receive add bailout. >> which they mapaid. >> the terms of the bailout were unfair to shareholders. even without aig's participation that will move forward. >> can the government just come in and grab a company and make itself own the company? that was another part of its lawsuit, too. >> tell us about this, facebook may be coming out with a phone of its
CNN
Jan 13, 2013 10:00am PST
, this is the signature of the man who might be the next treasury secretary. we'll look back through history to see if there's any loopy president. speaking of secretaries of the treasury three former holders of the office and many other statesmen and women offering advice to the president on a new gps special tonight "memo to the president, road map for a second term." tonight at 8:00 p.m. and 11:00 p.m. eastern and pacific. >>> first, here's my take. chuck hagel's nomination as america's next secretary of defense has drawn fire from people who say he's outside of the main stream. in fact, he's a pretty straight forward, traditional republican on most issues with a reluctance to go to war, born of knowledge and experience. where hagel does appear out of the mainstream in washington's world of group think is on iran. which i would argue is a good thing because washington desperately needs fresh thinking on the topic. in 2013, president obama will face a crisis with regard to iran. he has categorically ruled out containing an iran with nuclear weapons. so, either iran will capitulate completely to a
FOX Business
Jan 4, 2013 3:00pm EST
, dropping or 40 percent loss for days. implied volatility. tracy: down another 5 percent today. >> treasury yield broke right above. if you look at the 10-year. we have seen a little bit of backing today, but in general these are all bullish signs for the next blow weeks. as you move forward, you might see a little bit of pullback, but right now i think the market can still move fire. tracy: what signal, guys -- gary, let you take a shot at this one -- do we take from gold down $202 at one point earlier today, $30. we have to strengthen the dollar here because gold is denominated in dollars. weaker gold, you sometimes see a stronger dollar, but what message are you taking from that? >> yesterday we saw the mets come out. the first thing we saw right after that when they said were going to start easing on the quantities and at the end of 2013, we saw gold and silver pulling right on down. besides continue in the overnight session. now you're starting to get the feeling that they may not be done with this. we are seeing silver right back at that $30 range. a few cents off. gold is back up off
LINKTV
Jan 11, 2013 8:00am PST
lew to replace timothy geithner as treasury secretary, we look at his time at the top of citigroup which bet on the housing market to collapse and his backing of the deregulation of wall street. what do you believe the deregulation of wall street pushed by people like alan greenspan contributed significantly to the disaster we saw on wall street several years ago? >> i don't personally know the extent to which deregulation drove it, but i don't believe deregulation was the proximate cause. >> we will speak with former financial regulator william black, author of "the best way to rob a bank is to own one." and matt taibbi with this new piece, the tax secrets and lies of the bella." >> par sabbai the treasury, it is all done by ex wall street people and current wall street people. ordinary people really do not have input into any of this. >> then, haiti. three years after the earthquake that killed over 300,000 people, we speak to jonathan katz, author of, "the big truck that went by: how the world came to save haiti and left behind a disaster." all of that and more coming up. this i
CNN
Jan 19, 2013 10:00am PST
would be no big deal. they said any delay by the treasury would have ripple effects similar to the aftermath of the lehman brother collapse. not sure that's true but it's serious. this is all caused by the dell ceiling. the u.s. is the only other country other than denmark that uses this tool. that's why ben bernanke has joined critics questioning why the u.s. needs a debt ceiling. >> i think it would be a good thing if we didn't have it. i don't think that's going to happen. i think it's going to be around. but i hope that congress will allow the government to pay its bills. >> ron brownstein is cnn senior political analyst and editorial director at the "national journal." good to see you. the public debt stands at more than $16 trillion. in and of itself it may not be as serious a problem as some make it out to be, especially when it costs the government about 1.8% a year to borrow money right now, lower than inflation. the problem which you often point out is it is likely to get much worse and that no one has a plan to change it. do republicans have a point when they say
FOX News
Jan 10, 2013 10:00pm EST
president obama's pick for treasury secretary. senator jeff sessions says nominee jack lew must never be secretary of the treasury and the senator has a lot more to say and he's here. much more ahead, on the record starts right now. >> the president dominated his current chief of staff jack lew to replace the outgoing treasury secretary tim geithner. >> i cannot think of a better person to continue tim's work at treasury than jack lew. >> jack lew is very partisan, he's very political. >> he already has some strong opposition especially from the top lawmaker on the senate budget committee jeff sessions. you can't have somebody-- >> i trust his judgment, value his friendship, i know very few people get greater integrity than the man to my left. >> jack lew and the president don't think that spending is the problem. wasteful government spending is the problem. >> prosecutors say arias had one last tryst with travis alexander, killed him in a ferocious gun and knife attack. it's not a case of whodunit. it's a case of kill or be killed. if i didn't kill him, i myself would be killed. >> i
MSNBC
Jan 12, 2013 5:00am PST
time to time. the original intent of this legislation is to give the secretary of the treasury latitude to issue kmemtive coins for collectors but the plain meaning of the statute is clear. they can issue a platinum coin in any domination as the secretary of the treasury designates. the idea of trillion dollar coin advocates is the president would direct the treasury to mint a trillion dollar coin and deposit it in the bank account if he federal reserve and we have a trillion dollars more in the bank and we don't have to worry about the debt ceiling. if this sounds surreal or magic magical, you are not wrong. it's bizarre enunprecedented. even if it's illegal, it seems to run against our expectations of how the government does and should behave. it's the kind of thing that justice isn't done. but that is the entire point. behavior of individuals is constrained by the formal rules, implicit prohibitions that are not spelled out but just not done. and what they have excelled at in the era of obama is exploiting the gap between the two. they've made a habit of doing the thing that just isn
Comedy Central
Jan 10, 2013 11:00pm PST
. that traditional america is gone now, please don't look that up. how would it work? >> in theory the treasury would mint the coin and walk it over the federal reserve for deposit so the government could pay it bills. >> jon: really? really mr. tibbl snerks. [ laughter ] i don't want to bust your bibbles here, but you know you are only holding a quarter, snriet sure they could mint a trillion dollar coin and walk it over the treasury even though it could be the most tempting walk in history because we know the store across the street is chocolate, blowjobs and beyond. you definitely want to -- [ laughter ] you know, we don't need some trillion dollar coin gimmick. we need to take the u.s. dollar serious again. >> president obama will nominate his chief of staff at the white house jack lew toll bet next -- to be the next treasury secretary. >> it will be his signature at the bottom of our currency. it will look something like this. [ laughter ] >> jon: that injure signature? or jut -- that is your significant in signature or are you testing to see if the pen works? [ laughter ] hey, lew, shire -- her
FOX Business
Jan 4, 2013 11:00am EST
% of returns with a ten year treasury yield. eventually, they have to go back into equities. use saw the numbers this week. even that suggests there is still a 12 year average life of cars and in u.s. flee. you can pull forward from that. i think it will be stronger than most people think. connell: if rates are going up because of that, it is a pretty good thing. jeff, good to see you. happy new year. >> merry new year. connell: the actor patrick dempsey, would you buy coffee from this guy? he thinks you will. he is placing a bid that against the coffee giant starbucks. we will talk about what is left in your paycheck for you. people expecting a hit. just how big of a hit will it be? jeff flock is on that story. take a look at the oil market today. it is down. ♪ connell: charles payne sitting there. he is coming up in just a few moments. first, something going on in india. this fight involves a patent dispute over cancer medication. the ruling could have worldwide implications. they provide millions of patients in developing countries with cheap medications. patrick dempsey, his co
CNBC
Jan 9, 2013 7:00pm EST
's staff chief jack liu is headed for the treasury. i think it's a bad appointment, wrong on every count. we'll have howard dean and steve forbes debate the issue. >>> and in cooperstown, new york, rampant steroid use has resulted in this, no one will be inducted into the baseball hall of fame this year, no bonds, no clemens, no one. we have the latest on this major league dis. >>> it's not a fiscal emergency, it's about the flu and it's not going to be the only city. >>> and finally, this trillion dollar platinum coin idea to solve the debt. not only stupid, it'll make the u.s. look like a banana republic. can we please avoid that, at least? the "kudlow report" begins right now. >>> another big day on the gun control front. a key statement from vice president biden on the issue. eamon javers joins us with the details. good evening, eamon. >> the white house suggests it could use an executive order to move gun control legislation reform forward here in washington, d.c. and also today, the vice president met at the white house with gun control advocates, some of whom shared their personal
FOX News
Jan 3, 2013 1:00pm PST
it in the treasury. use it to pay the nation's bills. charles payne, why didn't we thing of that? are you kidding me? >>guest: this is funny, because he is not too far off the farce that we live under already. the only difference is if his situation, the platinum coin is given to the treasury, but right now it is given as a treasury bond and he is saying forget the bond part turn up the coin, give it to the treasury, and the treasury has $1 trillion but spend to your heart's content. >>neil: if i saw them, and that is collectively, the congress take as much time, pain and effort to solve the debt crisis i would be okay but i'm not. >>guest: well, this is a shortcut. this is the easy solution. this could be the grand bargain. when i heard the story i thought of an island where they have big coins made of stone. >>neil: that is a 20-year paycheck. what is so yield, i thought it was a joke. the idea being we are never going to be up against the brink if we have a magic coin that the fed has ready. this is almost like lucky charm, the magical leprachan creating stuff from thin air. >>guest: but we are n
FOX News
Jan 8, 2013 12:00pm PST
you. >>> now to the ongoing cabinet shakeup at the president's pick to be the next treasury-secretary is, quote, all but a done deal. white house sources is telling current chief of staff jack lu to top the treasury. they are saying that the president's impressed by his knowledge of the federal budget and no-nonsense style. tim ignite her has said he will not stick around for a second term. the united states had s just about a month away from hitting the so-called debt ceiling the point where the government can't pay bills. the next treasury-secretary is key to make sure that doesn't happened but lew's intelligence on is raising red flags. during the last debt ceiling battle, lew clashed with the g.o.p. now he'll face some of those same lawmakers could be a very tough confirmation battle. what did the white house press second say about this. >> jack lew is the chief of staffed has served in a critical role for on this administration as director of the office of management and budget. a well known figure both here at the white house and throughout washington for the past four
FOX News
Jan 10, 2013 3:00pm PST
split the country, the president's pick to be the new treasury secretary is sparking harsh reaction from some on capitol hill. correspondent shannon bream on the nomination of jack lew. >> i cannot think of a better person to continue tim's work at treasury than jack lew. >> reporter: president obama nominating a new man to head the treasury department but signaling plans to continue with the fiscal policy the administration relied on in the first term. white house says lew has a keen understanding of domestic and international issues that impact the u.s. economy and point to the track record. >> under president clinton he presided over three budget surpluses in a row. with the talk of deficit reduction, making sure the boog are balanced this is the guy who did it. three times. >> reporter: republican opponent, senator jeff sessions chief among them say jack lew is the wrong man for the job and without then house speaker newt gingrich refusing to allow more government spending the budget achievements would never have happened. sessions without qualification, accuses lew of lying to congr
FOX News
Jan 21, 2013 1:00pm PST
the president's home, cornering the u.s. treasury, now, right next door to the white house. ed henry, much has been made of this speech. i know it happens on a day, martin luther king day, and the markets are closed so they did not have a chance to react to the in your faceness of it, i did not find it that necessarily in your face but he was standing by some things he felt he got elected on but how will it be perceived? some republicans have already said they are not happy. >> he was direct, blunt, and aggressive. this was an address where the president said i won the election, and i am be aggressive in the second term to push my agenda. republicans will not be happy. democrats will be fired up about the idea high could be a bit more aggressive the second term than in the first term. folks on the left are happy he got health care reform done. that he got the stimulus. a lot of democrats believe he did not go hard enough against the republicans in the first time. to become the first president to use the word "gay" in an address or to defend entitlement programs at a time when everyone in washi
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